As revolts spread throughout Mediterranean countries, the EU Mediterranean policy is experiencing a phase of great uncertainty. However, the ongoing transformation in Mediterranean countries will have deep political and economic consequences to which EU policies must adapt. While political modernization will overshadow economic issues, the latter will play a central role in ensuring the sustainability of the transformation process. Moreover, Europe’s evolving cooperation with Mediterranean countries will be built upon the EU’s existing economic instruments of cooperation. Currently, Egypt is turning against the economic reforms of the last decade. This could trigger the adoption of new populist economic policies, with possible long-term negative consequences. The EU could implement new tools for financial assistance helping Egypt and Tunisia to “reform their economic reforms.” While preserving past economic reforms, these new tools should be modified to align their objectives more closely to the new political situation.